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Which retirement accounts should you withdraw from first? After decades of saving, investing, and building wealth, knowing when and how to start spending your money can be one of the hardest parts of retirement.
For successful healthcare practice owners, the challenge is especially important. Your wealth may be spread across 401(k)s, IRAs, Roth accounts, brokerage investments, real estate, annuities, life insurance, and the proceeds from selling your practice.
So where should your retirement income actually come from?
In this episode of the Financial Beast Podcast, Eric Miller and Eric Gersch break down how they approach retirement income planning, which assets they generally consider using first, and how to create income while protecting your long-term financial security.
In this episode, you’ll learn:
- Why transitioning from saving to spending is so difficult
- Why your net worth doesn’t necessarily have to decline in retirement
- Which retirement accounts to consider withdrawing from first
- Why traditional IRAs and 401(k)s can create tax challenges
- How required minimum distributions (RMDs) affect retirement planning
- When Roth IRAs can provide tax flexibility
- How annuities and certain life insurance policies can provide lifetime income
- Why guaranteed income can reduce retirement anxiety
- How brokerage accounts can supplement retirement income
- How Social Security and rental income fit into the plan
- Why the timing of withdrawals matters for taxes
- How part-time work can reduce pressure on your investments
- How to enjoy retirement while still planning for your family’s future
The goal isn’t simply to accumulate the largest possible retirement account.
It’s to build a retirement income strategy that allows you to enjoy the wealth you’ve created while maintaining financial security.
If you’re a veterinarian, physical therapist, dentist, optometrist, chiropractor, or other healthcare practice owner approaching retirement or preparing to sell your practice, this conversation will help you understand the decisions ahead.
Subscribe to the Financial Beast Podcast for practical financial strategies, practice growth advice, retirement planning, exit planning, and wealth-building guidance for healthcare practice owners.
CHAPTERS:
00:00 When Should You Start Spending Retirement Savings?
01:43 Why Retirement Income Planning Matters
03:38 The Fear of Spending Your Retirement Savings
05:20 Can Your Net Worth Keep Growing in Retirement?
07:15 When to Withdraw From 401(k)s and IRAs
08:35 Required Minimum Distributions Explained
09:19 How Roth IRAs Fit Into Retirement Income
10:02 Which Retirement Income Sources to Use First
10:49 Annuities and Life Insurance Income Explained
12:48 How Guaranteed Retirement Income Works
14:57 Why Guaranteed Income Reduces Retirement Stress
17:10 Using Brokerage Accounts in Retirement
18:32 When Should You Claim Social Security?
20:20 Combining Multiple Retirement Income Sources
21:30 Tax-Efficient Brokerage Account Withdrawals
22:25 Working Part-Time During Retirement
24:24 Enjoying Retirement on Your Own Terms
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